Bank of America to pay $800 mln for credit card practices

NEW YORK (MarketWatch) -- Bank of America Corp.
BAC, -1.38%
has reached a settlement agreement for $800 million over its credit card practices with U.S. regulators, reports The Wall Street Journal. The bank is expected to settle with the Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency over allegations it pushed customers to sign-up for extra credit-card products. The settlement is expected to be announced on Wednesday and marks the five settlement over credit card practices with a major bank. Last year, the CFPB settled on similar allegations with American Express Co.
AXP, -0.08%
J.P. Morgan Chase & Co.
JPM, -0.74%
Capital One Financial Corp.
COF, -0.25%
and Discover Financial Services
DFS, -0.84%
The Bank of America settlement is the biggest of it's kind for the CFPB.

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